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How Technologies are aiding the growth of Hospitality Industry?

It is up to each one of us to take the leap of faith to let technology help us manage our hotels the way they are meant to today.

By Features Writer
How Technologies are aiding the growth of Hospitality Industry?

Keeping up with the latest technology trends is essential for those operating in the hospitality industry, because the industry itself is extremely competitive. This means that those who fail to adapt can quickly find that they are being left behind by hotel and travel companies that have implemented new approaches and ideas.

Have you heard about the adage "data is the new oil"? I am sure you have. It's a pretty old adage. I start with data because, I believe no amount of technology is going to upend the hospitality business if we don't start with streamlining and digitizing data collection, data analysis, and take data driven decisions.

There are two tiers of hospitality businesses. One made of large group of hotels lead by swanky, tech savvy leaders who don't follow the trend but set the trends. For example, Hilton worked with IBM to create a customer facing robot called Connie. Connie is built on the WATSON AI engine. Connie acts as an automated concierge giving out tips and information to guests about the hotel or trips they can take in the city.

And on the second tier are majority of hospitality businesses who make up the rest of the market. Most businesses are quite happy with running their businesses the quaint old ways of using simple computer software or worst, with physical ledgers or spreadsheets. Here are 3 technology aspects which can change the way you can run a hotel, motel, homestay or a chain of hotels and improve on your revenue bottom-line.

Channel managers and Revenue managers

As a hotel owner, your biggest asset is your inventory. Any implementation of technology should start with digitizing and automating your inventory and pricing.

Channel managers today are intelligent software which works in the background assessing which OTA is better suited to sell your inventory and tell you which OTAs you should eliminate because of poor performance. And this is just the tip of the iceberg.

And Revenue Managers take dynamic and automatic pricing to a whole new level. RMS lets you set your revenue targets, forecast demand, and set minimum prices and let the system change prices automatically when demand surges. Again, this is just the tip of the iceberg.

Smart speakers and connected devices

In a highly competitive hospitality market, every hotel or homestay strives to differentiate from their competition. Many businesses have started bringing in smart speakers such as Amazon Echo and Google Home to customize guest experience.

Today, a guest can check in, order services via a smart speaker, personalize entertainment such as movies and music via the same smart speaker.

You remember how emails made us less dependent on telephones to communicate; smart speakers are doing the same thing to guests in the hospitality industry.

Data collection, management, and ERP

A hotel business depends on smooth operations of the concierge, kitchen, housekeeping, utility maintenance, human resources and so much more. ERP systems help hotels digitize data collection and analysis. So that, at any given moment, a hotel owner will be able to look at daily data from each aspect of business and optimize resources to give the best guest service ever at optimal costs.

Technology is knocking on our doors. What are we going to do about it?

The use of Technology in the hospitality and tourism industry has helped speed up operations and helped the traveling process much more enjoyable and efficient. Technology not only helps large chain hotels, but can also be useful to B and B’s and other smaller companies in the industry.

As businessmen and women and entrepreneurs we read and watch how technology is making it easier for us to run our business and improve our revenue as well. However, it is up to each one of us to take the leap of faith to let technology help us manage our hotels the way they are meant to today.

 

This article is authored by Mr. Anil Kumar Prasanna, CEO, AxisRooms.

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